Bank of America has committed $40 million in low-cost and long-term capital to help build and expand healthcare facilities in underserved communities in the U.S.
To disburse the funding, Bank of America will partner with nonprofit community development financial institutions, according to a June 14 Bank of America news release. It will also give out $100,000 in philanthropic grants to help with operational costs.
The initiative builds on Bank of America's recent $25 million collaboration with several health organizations, including the American Heart Association and the American Diabetes Association.
"Increased investment in primary care improves health outcomes by making primary care more accessible and affordable, and by expanding the health care workforce to provide the services people need in the communities where they live and work," said Ebony Thomas, Bank of America charitable foundation president, said in the news release. "Improved health and financial stability are integrally linked. Enabling access to quality medical care drives greater economic mobility and builds stronger communities."